Adams Resources & Energy, Inc. - Current report filing (8-K)
13 Agosto 2008 - 4:43PM
Edgar (US Regulatory)
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): August 13,
2008
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ADAMS
RESOURCES & ENERGY, INC.
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(Exact
name of registrant as specified in its charter)
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Delaware
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1-7908
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74-1753147
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(State
or other jurisdiction of incorporation)
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(Commission
file number)
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(IRS
employer
identification
no.)
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4400
Post Oak Pkwy, Suite 2700, Houston, Texas
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77027
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(Address
of principal executive offices)
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(Zip
code)
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(713)
881-3600
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(Registrant’s
telephone number, including area code)
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Item
2.02. Results of Operations and Financial Condition.
On August 13, 2008, Adams Resources
& Energy, Inc., a Delaware corporation, issued a press release announcing
its financial results for the second quarter ended June 30, 2008. A
copy of the earnings release is furnished as Exhibit 99.1 to this report and is
incorporated herein by reference. The information in this Current
Report on Form 8-K, including the exhibit, shall not be deemed “filed” for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), or incorporated by reference in any filing under the Securities
Act of 1933, as amended, or the Exchange Act, except as shall be expressly set
forth by specific reference in such a filing.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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ADAMS
RESOURCES & ENERGY, INC.
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Date: August
13, 2008
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By:
/s/ Richard B. Abshire
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Richard
B. Abshire
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Chief
Financial Officer
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FOR
IMMEDIATE RELEASE
Rick
Abshire (713) 881-3609
ADAMS
RESOURCES ANNOUNCES SECOND QUARTER EARNINGS
Houston (August 13, 2008)--Adams
Resources & Energy, Inc. (AMEX-AE) announced second quarter 2008 unaudited
net earnings of $4,825,000 or $1.15 per common share. Revenues for
the quarter totaled $1,280,352,000. Current earnings compare to unaudited second
quarter 2007 net earnings of $11,286,000 or $2.67 per common
share. For the six months ended June 30, 2008, net earnings were
$7,036,000 or $1.67 per common share.
Chairman
and Chief Executive Officer, K.S. "Bud" Adams, Jr., attributed the comparative
current year earnings decline to the non-recurrence of a $7.2 million second
quarter 2007 after-tax gain from the sale of certain producing oil and gas
properties. The comparative effect of last year’s gain was partially
offset by $2.5 million in current period after-tax inventory liquidation gains,
as the company sold crude oil inventories into a rising market.
A summary
of operating results is as follows:
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Operating
Earnings (Expense)
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Marketing
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$
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7,172,000
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$
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5,216,000
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Transportation
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1,371,000
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2,433,000
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Oil
and gas
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1,093,000
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12,528,000
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General
&administrative expenses
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(2,503,000
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(2,582,000
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)
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7,133,000
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17,595,000
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Interest,
net
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175,000
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424,000
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Income
tax provision
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(2,483,000
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(6,733,000
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)
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Net
earnings
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$
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4,825,000
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$
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11,286,000
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……………………………………………….
The
information in this release includes certain forward-looking statements that are
based on assumptions that in the future may prove not to have been accurate. A
number of factors could cause actual results or events to differ materially from
those anticipated. Such factors include, among others, (a) general
economic conditions, (b) fluctuations in hydrocarbon prices and margins, (c)
variations between commodity contract volumes and actual delivery volumes, (d)
unanticipated environmental liabilities or regulatory changes, (e) counterparty
credit default, (f) inability to obtain bank and/or trade credit support, (g)
availability and cost of insurance, (h) changes in tax laws, and (i) the
availability of capital, (j) changes in regulations, (k) results of current
items of litigation, (l) uninsured items of litigation or losses, (m)
uncertainty in reserve estimates and cash flows, (n) ability to replace oil and
gas reserves, (o) security issues related to drivers and terminal facilities,
(p) commodity price volatility (q) demand for chemical based trucking operations
and (r) successful completion of drilling activity. These and other
risks are described in the Company’s reports that are on file with the
Securities and Exchange Commission.
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
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(In
thousands
,
except per share
data)
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Six
Months Ended
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Three
Months Ended
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Revenues
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$
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2,246,340
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$
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1,056,114
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$
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1,280,352
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$
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569,748
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Costs,
expenses and other
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(2,235,680
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(1,036,932
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(1,273,044
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(551,729
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Income
tax provision
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(3,624
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(6,984
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(2,483
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(6,733
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Net
earnings
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$
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7,036
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$
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12,198
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$
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4,825
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$
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11,286
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Earnings
per share
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Basic
and diluted net earnings per
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per
common share
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$
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1.67
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$
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2.89
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$
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1.15
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$
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2.67
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Dividends
per common share
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$
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-
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$
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-
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$
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-
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$
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-
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UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEET
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(In
thousands)
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June
30,
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December
31,
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ASSETS
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Cash
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$
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22,676
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$
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23,697
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Other
current assets
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425,192
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288,196
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Total
current assets
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447,868
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311,893
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Net
property & equipment
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41,645
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39,698
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Other
assets
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7,733
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5,484
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$
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497,246
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$
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357,075
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LIABILITIES
AND EQUITY
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Total
current liabilities
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$
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392,336
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$
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261,321
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Deferred
taxes and other
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8,432
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6,312
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Shareholders’
equity
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96,478
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89,442
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$
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497,246
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$
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357,075
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